INFORM P. LYKOS HOLDINGS S.A.

Financial Results 2015

 Koropi, 31/03/2016

 

INFORM P. LYKOS S.A. (symbol ASE: LYK)          

Financial Results for the year 2015

 

The consolidated financial statements of Inform P. Lykos S.A. are published today March 31st 2016, in accordance with the International Financial Reporting Standards (I.F.R.S.) and include the companies: INFORM P. LYKOS S.Α., LYKOS PAPERLESS SOLUTIONS S.Α., ALBANIAN DIGITAL PRINTING SOLUTIONS Sh.p.k., SAGIME GmbH (Austria), as well as the consolidated financial statements of TERRANE LTD (INFORM LYKOS SA - Romania). The aforementioned financial statements are included in the consolidated financial statements of the parent company AUSTRIACARD AG (former LYKOS AG) with its headquarters in Austria.

 

During the year 2015, the revenues increased significantly in Greece and Romania. The security printing market is growing and is most evident the trend of transition from the physical delivery to electronic data management, creating new opportunities for the Group. The competition in the transactional printing is more local, while market opportunities arise when financial institutions and organizations outsource their formerly internal printing services.

With the objective of improving further the competitiveness, at the end of 2015 a program was launched for developing efficiency, which will reduce the production costs and general expenses from 2016 and forward. Due to this program, the results of 2015 were affected by non-recurring expenses of € 1.7 million compared to € 0.5 million in last year. In parallel, the administrative and selling expenses have already been reduced by € 1.3 million, depreciations have been increased by € 0.6 million mainly due to changes in the useful life of new technology equipment, as well as positive deferred tax € 0.6 million was formed against tax losses.

Following the above, the key financial figures of the Group adjusted by the non-recurring expenses € 1.7 million and € 0.5 million for the years 2015 and 2014 respectively, are presented as follows:

  • The consolidated sales reached € 64.9 million compared to € 59.1 million in 2014, representing an increase of 9,8% in comparison with 2014,
  • The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of the Group increased by € 1.1 million or 37,8% and reached € 4.2 million compared to € 3.1  million in 2014,
  • The adjusted earnings before interest and taxes (EBIT) of the Group, despite the higher depreciations by € 0.6 million , increased by € 0.5 million and reached € 0.6 million compared to € 0.1  million in 2014,
  • The adjusted earnings before taxes (EBT) of the Group, increased by € 0.5 million and reached losses € -0.6 million compared to losses € -1.1  million in 2014,

 

Specifically, regarding the business by geographical segment, excluding the intercompany sales:

In Greece, the parent company INFORM P. LYKOS S.A. recorded revenues of € 34.4 million compared to € 31.1 million in last year, growing by 10.6%. The increase is mainly related to the increasing demand of payment cards due to capital controls in June of 2015, as well as to the new contracts in printing, enveloping and mailing from the financial institutions and telecom companies. The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 2015, reached € 2.4 million compared to € 1.4 million, increased by € 1 million or 76.9%.

In Romania, the subsidiary INFORM LYKOS S.A. recorded revenues of € 29.6 million compared to € 27.1 million in last year, representing an increase of 9%. The increase is mainly related to the new projects in statement printing, enveloping and mailing in telecom companies, as well as in public sector projects like the transportation card and payment receipts. The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 2015 reached € 1.6 million compared to € 1.5 million in 2014, increased by 7.6%.

In Albania, the subsidiary ALBANIAN DIGITAL PRINTING SOLUTIONS Sh.pk, recorded revenues of € 750 thousands from € 784 thousands in 2014, representing a decrease of 4%, while the earnings before interest, taxes, depreciation and amortization (EBITDA) of 2015 increased by € 31 thousands or 28.3%, and reached € 142 thousands from € 111 thousands in 2014,

In 2015, the investments of the Group, excluding acquisitions, amounted to € 1.4 million from € 3.1 million in 2014, of which € 0.7 million in new technology machinery, € 0.5 million in software developments and € 0.2 million in other equipment.

The bank debt of the Group, amounted to € 14.8 million in 2015 from 31.1 mil. in 2014, decreased by € 16.3 million. The bank debt for 2015 is comprised of € 2.6 million long-term and € 12.2 million short-term bank loans. It is noted that at 15th February 2015, the remaining amount of the bond loan € 20 million was fully repaid.

 

The Group having extensive experience and know-how in integrated solutions-services has developed long term customer relationships, offering the high level of products and services at competitive prices, to be considered as a strategic supplier of banking institutions, telecommunications and other organizations either in the private sector or in the public sector.

Its main objective focus on creating further value added intently into 4 main pillars:

  • New Markets and New Customers
  • New Products
  • Efficiency Improvement
  • Potential strategic co-operation opportunities


About Inform Lykos (www.lykos.gr)

Inform Lykos was founded in 1897, has been listed on the Athens Stock Exchange since 1994 and today is an international Group with leading presence in the Central and Eastern Europe in the area of Information Management. The Group is activated internationally and is leader in the area of printing management, production of secured documents, and business process outsourcing, offering services of printing and posting statements, electronic presentation of statements and printing management for Banks, Telecommunication companies, Public sector and Industrial/Trade companies. The Group currently occupies about 430 employees. The Group is member of the Group AUSTRIACARD AG (former LYKOS AG) headquartered in Austria, which is an international group active in the business areas of “Digital Security” under the brand AUSTRIACARD and “Information Management” under the brand INFORM.